HGR Property Partners, Ilmarinen, and YIT Form JV for RE Projects in Keilaniemi
Posted on 06/29/2022
HGR Property Partners, Ilmarinen, and YIT Corporation have established a limited partnership joint venture called Keilaniemen Kiinteistökehitys Strike Ky for the development of significant real estate projects in Keilaniemi. Keilaniemi is a district in the south-eastern part of Espoo, Finland. The development projects of Regenero, which is HGR’s and YIT’s joint venture, as well as part of Ilmarinen’s development projects in Keilaniemi have been transferred to the new joint venture. Construction of the joint venture’s first development, Keilaniemi district parking facility, began simultaneously with the establishment. The joint venture signed a turnkey contract with YIT regarding the construction of the parking facility’s first phase in August, consisting of approximately 1,600 parking spaces with expected completion in 2026. Keilaniemi district parking facility will serve the entire Keilaniemi area as well as the nearby developing Kivimies area.
YIT Corporation is the largest Finnish and a significant North European development and construction company. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. HGR Property Partners is a Finnish real estate investment and development company founded in 2005, which owns a wide portfolio of real estate in collaboration with various partners.
Advisors
Advium Corporate Finance acted as the commercial advisor and Avance Attorneys acted as the legal advisor for the parties.
